Deal sells shares at $6.00; $8.07 million greenshoe fully exercised
By Devika Patel
Knoxville, Tenn., April 4 - Enphase Energy, Inc. said it settled its $61.89 million initial public offering of stock. The deal priced for $53.82 million with an $8.07 million greenshoe on March 30.
The company will sell 8,969,697 common shares at $6.00 per share. Of the shares, 1,345,454 were part of the fully exercised greenshoe.
Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunning managers. Jefferies & Co. was joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC were co-managers.
Third Point LLC, Madrone Partners, LP, KPCB Holdings, Inc., RockPort Capital Partners II, LP and Bay Partners were among the investors.
Proceeds will be used for general corporate purposes.
Based in Petaluma, Calif., Enphase delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management.
| Issuer: | Enphase Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $61,890,906 (including $8,072,724 greenshoe exercise)
|
| Shares: | 10,315,151
|
| Price: | $6.00
|
| Warrants: | No
|
| Managers: | Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. (bookrunners); Jefferies & Co. (joint lead manager); and Lazard Capital Markets LLC and ThinkEquity LLC (co-managers)
|
| Investors: | Third Point LLC, Madrone Partners, LP, KPCB Holdings, Inc., RockPort Capital Partners II, LP and Bay Partners
|
| Pricing date: | March 30
|
| Settlement date: | April 4
|
| Stock exchange: | Nasdaq: ENPH
|
| Stock price: | $7.64 at close April 3
|
| Market capitalization: | $292.71 million
|
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